Director/PDMR Shareholding
Updated : 18:17
GlaxoSmithKline plc (the 'Company')
Vesting of Conditional Share Awards
This notification sets out the vesting details of awards over Ordinary Shares and American Depositary Shares ('ADS') made in 2016 under the GlaxoSmithKline 2009 Performance Share Plan ('PSP'), which were subject to relevant business performance conditions. The three-year performance period for the 2016 awards commenced on 1 January 2016 and ended on 31 December 2018.
The Remuneration Committee decided to increase the Adjusted Free Cash Flow ('AFCF') target and associated vesting scale for the 2016 PSP award to reduce the level of outperformance attributable to the original timing assumption for the Loss of Advair Exclusivity. The outcome in the table below under AFCF reflects the increased target.
The performance measure vesting details for those Persons Discharging Managerial Responsibilities ('PDMRs') who received awards in 2016 are set out in the following table.
| Outcome and Vesting Level | ||
Portion of the Award | Measure and Outcome | % of maximum | % of award |
1/3rd | Adjusted Free Cash Flow - For the three-year period, the Company achieved Adjusted Free Cash Flow calculated in accordance with the principles for the measure of £13.18bn, which is above the threshold level of £11.57bn (see above). An increase of £0.22bn has been applied to the threshold. | 77 | 25.67 |
1/3rd | Total Shareholder Return - For the three years ending 31 December 2018, the Company's Total Shareholder Return ranked 6th, which is below the threshold vesting level against a comparator group of 10 global pharmaceutical companies including GSK. | 0 | 0 |
1/3rd | R&D New Products - For the three-year period, the Company achieved New Product sales calculated in accordance with the principles for the measure of £10.435bn, which is above the maximum vesting level of £8.532bn. The threshold level was £6.980bn. | 100 | 33.33 |
| Total vesting for 2016 award Lapsed | 59% 41% | |
The notifications that follow are for awards made to PDMRs and detail the PSP conditional awards that vested, including dividends accrued, on 14 February 2019. The balance of the award made to each PDMR has lapsed.
The closing share prices of an Ordinary Share and of an ADS of GlaxoSmithKline plc at the point of vesting on 14 February 2019 were £15.66 and $40.86.
2017 and 2018 PSP awards
The Remuneration Committee reviewed the 2017 and 2018 PSP awards and agreed to adjust the AFCF target for the awards. Details of the targets and performance against them will as usual be provided in the Company's Remuneration Report.
Transaction notification
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Ms E Walmsley | ||||
b) | Position/status | Chief Executive Officer | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price | n/a (single transaction) | ||||
e) | Date of the transaction
| 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr R Connor | ||||
b) | Position/status | President, Global Vaccines | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price
| n/a (single transaction) | ||||
e) | Date of the transaction
| 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr S Dingemans | ||||
b) | Position/status | Chief Financial Officer | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan. These shares are subject to a two-year holding period to end in 2021.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price
| n/a (single transaction) | ||||
e) | Date of the transaction
| 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr J Ford | ||||
b) | Position/status | SVP & General Counsel | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | GlaxoSmithKline plc American Depositary Shares ('ADSs') ISIN: US37733W1053
| ||||
b) | Nature of the transaction | The number of ADSs vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price | n/a (single transaction) | ||||
e) | Date of the transaction | 2019-02-14 | ||||
f) | Place of the transaction
| New York Stock Exchange (XNYS)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr N Hirons | ||||
b) | Position/status | SVP, Global Ethics and Compliance | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price | n/a (single transaction) | ||||
e) | Date of the transaction | 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr B McNamara | ||||
b) | Position/status | CEO, GSK Consumer Healthcare | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | GlaxoSmithKline plc American Depositary Shares ('ADSs') ISIN: US37733W1053
| ||||
b) | Nature of the transaction | The number of ADSs vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price | n/a (single transaction) | ||||
e) | Date of the transaction
| 2019-02-14 | ||||
f) | Place of the transaction
| New York Stock Exchange (XNYS)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr D Redfern | ||||
b) | Position/status | Chief Strategy Officer | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | n/a (single transaction) | ||||
e) | Date of the transaction | 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr R Simard | ||||
b) | Position/status | President, Pharma Supply Chain | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | n/a (single transaction) | ||||
e) | Date of the transaction | 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Ms C Thomas | ||||
b) | Position/status | SVP, Human Resources | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price | n/a (single transaction) | ||||
e) | Date of the transaction | 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mr P Thomson | ||||
b) | Position/status | President, Global Affairs | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary Shares of 25 pence each ('Ordinary Shares') ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan.
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price
| n/a (single transaction) | ||||
e) | Date of the transaction
| 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON)
| ||||
1. | Details of PDMR/person closely associated with them ('PCA') | |||||
a) | Name | Mrs V Whyte | ||||
b) | Position/status | Company Secretary | ||||
c) | Initial notification/ amendment | Initial notification | ||||
2. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | GlaxoSmithKline plc | ||||
b) | LEI | 5493000HZTVUYLO1D793 | ||||
3. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transaction(s) has been conducted | |||||
a) | Description of the financial instrument | Ordinary shares of 25 pence each 'Ordinary Shares' ISIN: GB0009252882
| ||||
b) | Nature of the transaction | The number of Ordinary Shares vesting on awards granted in 2016 under the Company's 2009 Performance Share Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
Aggregated volume Price | n/a (single transaction)
| ||||
e) | Date of the transaction
| 2019-02-14 | ||||
f) | Place of the transaction
| London Stock Exchange (XLON) | ||||
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